Pelican Acquisition Corp. (NASDAQ: PELI) announced that its shareholders voted to approve the proposed business combination with Pelican Holdco Inc., Greenland Exploration Limited and March GL Company at an extraordinary general meeting held March 19, 2026. The closing of the transaction is expected on or about March 24, 2026. The deal is intended to form a publicly traded energy company focused on advancing global energy security through the responsible development of Greenland's natural resources.
Greenland Exploration Limited, a Texas-based entity, focuses on developing strategic positions in North American energy assets. Through its partnerships, Greenland aims to deliver long-term shareholder value in a dynamic and evolving energy market. March GL Company, a privately owned Texas corporation, entered into an agreement with 80 Mile for drilling to commence at the Jameson oil and gas basin in Greenland. March GL will fund 100% of the costs associated with up to two exploration wells, which are designed to delineate the sedimentary structure and energy potential of the Jameson Land Basin. In return, March GL will earn through 80 Mile's subsidiary company up to 70% interest in the entire basin. March GL Company will be appointed as the Field Operations Manager.
Pelican Acquisition Corporation is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Pelican is not limited to any particular industry or geographic region in identifying prospective targets. The approval of this business combination marks a significant step toward creating a publicly traded entity with a focus on energy development in Greenland.
For more information, visit the company's newsroom at http://nnw.fm/PELI. The full press release is available at https://nnw.fm/sa5y4.
